When a marriage is brought to an end, life can be tumultuous in many ways. Custody, property division and other family law matters can be incredibly challenging, but there are other responsibilities and stressors that may arise. For example, someone who has a trust may need to make changes to their estate plan following the end of their marriage. For some people, this can be difficult because the divorce process is stressful and time-consuming in and of itself. However, by taking care of these issues promptly, moving forward and finding a sense of peace may be easier.
A trust may need to be revised for different reasons. For example, a former spouse may be listed as a beneficiary, and it may be necessary to revise the trust in order to make sure that one’s former marital partner does not receive any assets from the estate. A former spouse may have also been given authority in an estate plan, and it may need to be revised to reflect these changes. Some people may even find themselves in a new marriage after their divorce, which may also necessitate making revisions to their existing estate plan.
These are just some of the estate planning considerations that can arise as a result of the divorce process. It is very important for you to look over your unique circumstances and figure out what you have to do protect your estate and ensure that your property is passed down to those you love in accordance with your wishes.